MassMutual Retirement Services Unveils Enhanced Defined Benefit Plan Termination Services [Professional Services Close – Up]

MassMutual'sRetirement Services Division announces the extension of its defined benefit (DB) plan termination services offering to existing clients.

According to a release on May 14, with more than 60 years of experience servicing DB plans throughout the plan lifecycle, MassMutual's goal is to make the administrative side of terminating a DB plan as smooth as it can be.

MassMutual's enhanced DB plan termination services offering provides existing retirement plan advisors and sponsors with resources, education and consulting to help them work through a very complicated period of a DB plan's lifecycle.

"MassMutual understands that plan termination is neither a simple nor an overnight process," says William Silvanic, senior vice president and actuary with MassMutual'sRetirement Services Division. "When a plan that has been in place for decades goes away, the inherent difficulties of this type of change are compounded by the emotional toll on both sponsor and participants and the heavily regulated series of communications and activities a plan termination entails. MassMutual's enhanced DB plan termination service model and dedicated team of plan termination professionals helps sponsors and advisors successfully navigate through this labor-intensive phase of their plan's lifecycle," adds Silvanic.

"MassMutual'sRetirement Services Division has steadily improved its DB product suite to help advisors and the plans they serve create better retirement solutions for their employees," states Elaine Sarsynski, executive vice president of MassMutual'sRetirement Services Division and chairman and CEO of MassMutual International LLC. "MassMutual is proud to be a one-stop provider able to serve the needs of DB plan sponsors and participants through a plan's entire life cycle," adds Sarsynski.

MassMutual's enhanced services also provide better continuity for participants preparing for their retirement when their DB plan terminates. "With our strong focus on plan health and participant retirement readiness, MassMutual helps sponsors to give consideration to their strategic approach to plan termination. We help them look at ways to enhance their defined contribution plans, when appropriate, or to encourage any participants receiving lump sum distributions to take actions that will preserve the funds in the distribution for use in retirement," adds Silvanic.

In conjunction with the new service model, MassMutual has developed a brochure to help retirement plan sponsors understand the different considerations involved in terminating a DB plan.

MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) [of which Retirement Services is a division] and its affiliated companies and sales representatives.

More information:

www.massmutual.com

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